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FEMA chief: Flood insurance program unsustainable

from Federal Times

The National Flood Insurance Program is on an unsustainable path and leaves the government open to huge potential losses, according to the head of the agency that runs the program. Craig Fugate, the administrator of the Federal Emergency Management Agency at the Department of Homeland Security, said at a hearing of the Senate Appropriations Homeland Security Subcommittee that the insurance program — which helps cover losses in flood-prone areas of the country — is currently insuring about $1 trillion in assets. more


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